In a significant development within the blockchain sector, StablecoinX Inc. has entered into a merger agreement with TLGY Acquisition Corporation and StablecoinX Assets Inc., as detailed in a recent filing with the SEC on September 29, 2025. This merger will position StablecoinX as a publicly traded company, enhancing its capabilities in providing innovative financial solutions through blockchain technology.
The transaction involves a business combination under which TLGY Acquisition Corporation, a Cayman Islands exempted company, will merge with StablecoinX Assets Inc. and become a wholly-owned subsidiary of StablecoinX. Specifically, the merger consists of two phases: first, TLGY will merge with StablecoinX SPAC Merger Sub LLC, maintaining its identity as the surviving company, and subsequently, StablecoinX Company Merger Sub, Inc. will merge with SC Assets.
The deal is valued at approximately $363 million, with TLGY shareholders set to exchange their shares on a one-for-one basis for shares of StablecoinX Class A Common Stock. Additionally, TLGY’s warrants will convert into StablecoinX Warrants, ensuring existing investors retain their rights in the new entity. Following the mergers, the former shareholders of SC Assets and TLGY, along with new investors, will hold shares in StablecoinX, which will feature both Class A and Class B common stock, the latter providing voting rights.
The strategic rationale for this merger centers on expanding StablecoinX’s market presence and technological capabilities. By merging with TLGY and SC Assets, StablecoinX aims to enhance its infrastructure and service offerings within the blockchain ecosystem, specifically in relation to the Ethena Protocol, an initiative designed to integrate cryptocurrency solutions within traditional finance.
In terms of timeline, the merger is expected to close shortly after the SEC declares the registration statement effective, following the completion of requisite shareholder votes and regulatory approvals. The filing indicates that TLGY will conduct a redemption of its Class A Ordinary Shares ahead of the merger, allowing shareholders to recoup their investments if they choose.
Market analysts anticipate that this merger will have a positive impact on shareholders and employees, as it is expected to create a larger, more competitive entity capable of navigating the rapidly evolving blockchain landscape. However, the transaction will be subject to regulatory scrutiny to ensure compliance with antitrust laws, given the significant consolidation of market power.
Overall, this merger represents a strategic move for StablecoinX as it seeks to solidify its position in the blockchain industry and leverage new opportunities for growth and innovation in financial services.